Script table contents as INSERT statements (SQL Server)

SQL Server Management Studio has nice ability to generate SQL Script for database schema, but has nothing for data. So if I want to preserve the entire table (schema and data) as SQL Script, in addition to generating “CREATE…” script, I’d need a set of INSERT statements to generate the static data in a table.
The best solution I’ve seen to date can be found as a comment to some other solution. The script goes like this: